I decided to apply for a position in an Australian Psych department, that is listed as "tenure-track". I can't say I know much about the academic system in Australia, but come cursory reading suggests that the tenure system is quite different from the U.S., in fact, some readings said that there really isn't a true "tenure-track" in Australia. Any insights would be appreciated, as well as perhaps listing pros/cons of working academically in Australia. Also, are psychology departments typically "hard" money, or are salaries largely funded via your own grants?

There is a tenure system in Australia-it is just different. After 3 years you will face "probation"-akin to tenure. Once you pass probation you are tenured but not promoted. If you take a job as lecturer-it would be typical to go for promotion to Senior Lecturer in 3-6 years from your start date at the university. After that, it is much harder to make the jump to Associate Professor. Far fewer faculty get to this level-often 5-8 years after Senior Lecturer. Even fewer faculty make Professor. The real difference is that you will have to keep producing for longer (= sustained) to get to Assoc and Full Professor-but there is much less pressure in terms of getting tenure.

Pros = much less teaching; PhD students are funded on government scholarships so have 100% time free to work on research projects, great quality of life
Cons= no classes for PhD students, category 1 money is not near NIH level, training and opportunities are in US or Europe-be prepared to travel to "stay in the game"